MMC provides a full range of outsourced fund and investment administration services.
FUND ACCOUNTING AND UNIT PRICING
MMC calculates a mixture of daily, weekly and monthly unit prices for more than 260 investment funds. Our unit pricing is Portfolio Investment Entity (PIE) compliant with functionality that includes:
- Calculating unit prices and tax provisions
- Calculating all fund expenses
- Processing any corporate actions, including dividends and proxy voting services
- Reconciling with the banks, registrars, custodians and underlying counterparties - cash, units on issue, positions, interfunding, PIE taxable income and components and interfund PIE taxable income and components
- Undertaking appropriate unit pricing reviews, tolerance checking against benchmarks and other measures
- Calculating unit price performance
For a number of our clients, MMC co-ordinates their settlements functions including liaison with their appointed custodians. This can include cash reporting, trading and FX (spots and forwards).
We also offer trade matching for NZD, AUD and other foreign currency trades. We match trading files received from managers both automatically and to the contract notes emailed individually from brokers.
MMC provides comprehensive month-end portfolio accounting and valuation reports, per individual investment fund, that include the following summaries:
- Investment update
- Statement of financial performance
- Statement of financial position
- Monthly unit price summary
- Statement of PIE taxable income
- Portfolio valuation
- Cashbook summary
- Cashbook transactions
- Debtors schedule
- Creditors schedule
- Corporate actions
For our KiwiSaver clients, we also produce monthly after tax prescribed investor rate (PIR) performance returns with accompanying quarterly and annual periodic disclosure compliance certificates and annual tax expense ratios (TERs).
MMC have a two stage process to producing year-end financial statements that are New Zealand International Financial Reporting Standards (NZ IFRS) compliant. Prior to calendar year end, MMC start: preparing and finalising pro-forma financial statements; and performing year end rollovers of financial statements. And then, after financial year end, we are straight into: importing trial balances and holdings; reconciling assets and liabilities, profit and loss statements and balance sheets; completing all required journals and reviewing accounts; preparing statements of cashflow; confirming notes agree to financial statement details; reviewing financial statements; and issuing various drafts to our clients and their auditors until finalised.
UNIT REGISTRY
MMC currently provides PIE compliant unit registry services to 17 of our 26 clients. This includes a mixture of retail, mezzanine and wholesale services and involves receiving both paper-based forms and electronic files of clients’ records and investment transactions. Our services extend right from banking cheques attached to client applications to preparing IR 852, 853 and 854 tax returns, with functionality that includes:
- PIE unit trusts
- Cash and term PIEs
- Foreign investment zero rate and variable rate PIEs
- Anti-money laundering (AML) and countering financing of terrorism (CFT)
- Data importing and exporting using a variety of formats, including banking files and transactions for trustees to execute
- Extensive reporting and customised fulfilment, again using a variety of formats
- Full auditing
With over $7bn FUM and 350k investors, our fund administration requires consistent, accurate delivery and a strong risk management focus. Over the past nine years MMC has provided a strong track record of delivery and met our evolving requirements. Their knowledge, commitment and solutions based approach make them a critical part of our business.
Nigel JacksonHead of Product, Business Bank & WealthBT Fund Management
MMC provide unit pricing and fund accounting services to a high standard. The standout for us is their engagement, drive and ability to provide broad solutions and services which enable us to be more efficient and deliver outstanding services to our clients.
Mark RylandHead of Product and OperationsMilford Asset Management
MMC has professionally and consistently provided key fund accounting services for the Russell Investment Funds.
Anthony EdmondsManaging DirectorImplemented Investment Solutions
From the launch of Mint Asset Management, we outsourced our fund administration and registry requirements to MMC Ltd. In that time we have always found their staff to be friendly, knowledgeable and professional and our confidence in the high level of service they provide to ourselves and our investors has allowed us to focus on growing our business.
Simon HaworthOperations ManagerMint Asset Management
We have been very impressed with the professional service and assistance received from the team at MMC and how they have tailored this to suit our specific situation and future needs.
Anthony SowerbyChief Operating OfficerSalt Funds Management
MMC is an integral part of our business - your independent and accurate fund pricing has been critical to our business growth. Thank you!
John BerryExecutive DirectorPathfinder Asset Management
MMC is integral in the day-to-day operation of our funds and prompt to deal with.
Jamie YoungPartnerCastle Point Funds Management
Our partners
